Deutsche Bank to pay record $2.5 billion to resolve LIBOR rigging

Section:

By Shane Strowmatt and Suzi Ring
Bloomberg News
Thursday, April 23, 2015

Deutsche Bank AG today was ordered to pay a record $2.5 billion fine and fire seven employees to settle U.S. and U.K. investigations into its role in manipulating Libor.

Deutsche Bank must terminate six London employees and one in Frankfurt who engaged in wrongful conduct, the New York Department of Financial Services said in a statement. The DFS didn't identify them by name and said one is a managing director, four are directors, and two are vice presidents.

"Deutsche Bank employees engaged in a widespread effort to manipulate benchmark interest rates for financial gain," DFS Superintendent Benjamin Lawsky said in the statement. "We must remember that markets do not just manipulate themselves: It takes deliberate wrongdoing by individuals." ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-04-23/deutsche-bank-to-pay-r...



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